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TradeFred Daily Briefing
Tue 18-09-2018 12:00

In Brief:

  • US announces new tariffs on $200bn of Chinese goods
  • TRY, ZAR & MXN continue to drop
  • Gold edges lower despite intensifying trade dispute
  • Ethereum & Litecoin plunge more than 11%

The US Dollar was slightly higher on Tuesday and China's Yuan fell as global markets braced for Beijing's response to new US tariffs on Chinese goods. The Dollar index against a basket of six major currencies was up 0.09% at 94.585 (DXY). The Greenback in recent months has benefited from safe-haven flows amid the escalating Sino-US trade conflict.

The index had popped up to 94.607 earlier in the session after US President Donald Trump said on Monday that he will impose 10% tariffs on about $200 billion worth of Chinese imports, effective Sept. 24.

The USD/CNY pair was trading at 6.8640 by 12:01AM ET (04:01 GMT), up 0.1%. China's Yuan was a shade weaker at 6.8740 per Dollar in onshore trade, though Chinese stocks managed slim gains. The Australian Dollar, seen as a proxy to China-related trades as well as a barometer of broader risk sentiment, was nearly flat at $0.7176, having climbed off a low of $0.7144 plumbed earlier in the session.

The Euro was down 0.05% at $1.1678 (EUR=) after rising 0.5% the previous day. The Pound dipped 0.1% to $1.3147. Sterling had gained 0.7% on Monday, hitting a six-week high of $1.3165, helped by reports of progress on the Irish border question, an obstacle to Brexit that diplomats will try to overcome this week at a European Union summit. Meanwhile, emerging market currencies including the Turkish Lira, South African Rand and the Mexican Peso were all slightly lower on Tuesday.

Gold prices inched lower on Tuesday despite reports that the US is slapping 10% tariffs on $200 billion in Chinese goods. Gold futures for December delivery slipped 0.17% to $1,203.70 per troy ounce at 1:00AM ET (05:00 GMT) on the Comex division of the New York Mercantile Exchange. Rising US interest rates were also cited as headwind for the precious metal.

Oil prices slipped on Tuesday morning in Asia as the US vowed to impose 10% tariffs on a further $200 billion worth of Chinese goods on Monday, which rattled the markets. Crude Oil WTI Futures for November delivery dropped 0.45% to $68.37 a barrel at 10:47PM ET (02:47 GMT), while Brent Oil Futures for November delivery also went down 0.63% to $77.56 per barrel.

Asian shares fell and copper prices eased on Tuesday after Washington announced new tariffs on Chinese imports, inflaming trade tensions between the world's two biggest economies. US stock futures took a knock as well, with E-Minis for the S&P 500 (ESc1) and the Dow Minis (1YMc1) both down 0.2%.

Bitcoin and other cryptocurrency prices fell on Tuesday, with Ethereum and Litecoin down more than 11%. Ripple hinted that its cryptocurrency product xRapid would go live “in the next month or so.” Bitcoin traded 3.6% lower to $6,249.9 at 12:20AM ET (04:20 GMT) on the Bitifinex exchange. Ethereum plunged 11.5% to $196.13 in the previous 24 hours. XRP also slid 3.1% to $0.27244 on the Poloniex exchange, while Litecoin slumped 11.7% at $50.816. 

See Also

In Brief:

  • US announces new tariffs on $200bn of Chinese goods
  • TRY, ZAR & MXN continue to drop
  • Gold edges lower despite intensifying trade dispute
  • Ethereum & Litecoin plunge more than 11%

The US Dollar was slightly higher on Tuesday and China's Yuan fell as global markets braced for Beijing's response to new US tariffs on Chinese goods. The Dollar index against a basket of six major currencies was up 0.09% at 94.585 (DXY). The Greenback in recent months has benefited from safe-haven flows amid the escalating Sino-US trade conflict.

TradeFred Daily Briefing

In Brief:

  • USD bulls take a breather as fresh tariffs loom
  • UK Conservatives set to vote on Brexit strategy
  • Bears in control of AUD/USD
  • Tesla goes from “production hell” to “delivery hell”

Amid a broad-based US Dollar bullish consolidation in Asia, the EUR/USD pair is seeing some signs of life above the 1.16 handle, which is likely to be short-lived as markets await the announcement of new US tariffs on Chinese imports. US President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters on Saturday.

TradeFred Daily Briefing